Kommunal Landspensjonskasse Gjensidig Forsikringsselksap or KLP is a mutual

Mutual organization

A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...

 insurance company responsible for the management of municipal

Municipalities of Norway

Norway is divided into 19 administrative regions, called counties , and 430 municipalities...

 and county pension

Pension

In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...

s and insurance

Insurance

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 issues. The company has total assets of NOK

Norwegian krone

The krone is the currency of Norway and its dependent territories. The plural form is kroner . It is subdivided into 100 øre. The ISO 4217 code is NOK, although the common local abbreviation is kr. The name translates into English as "crown"...

 280 billion, with 337 municipal and county authorities, 31 health trusts and 2,300 public sector companies as clients. The company is based in Oslo

Oslo

Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...

.

The treasury was created in 1949 to manage the pensions of the municipal employees in Norway. Until 1974 the portfolio was managed by Norsk Kollektiv Pensjonskasse, when KLP received its own licence. State employees are insured through the Norwegian Public Service Pension Fund

Norwegian Public Service Pension Fund

Norwegian Public Service Pension Fund is a Norwegian Government agency responsible for the extra pensions paid to state employees. There are in excess of one million members, and it has total assets of NOK 270 billion....

. A major subsidiary of KLP is KLP Eiendom

KLP Eiendom

KLP Eiendom is a Norwegian real estate management company owned by Kommunal Landspensjonskasse . It manages a portfolio of real estate on behalf of the clients of KLP, municipal and county employees. Most of the investments are located in Oslo and Trondheim, though there are other localities in...

 that manages a large portfolio of real estate

Real estate

In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...

 throughout the country and in Denmark

Denmark

Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...

. KLP also owns 20% of Kommunalbanken

Kommunalbanken

Kommunalbanken, sometimes branded as Kommunalbanken Norway is a Norwegian bank that offers loans exclusively to the municipal and county sector. The banks portfolio was NOK 76.7 billion as of 2006, and 45 % of all municipal and county debt is though Kommunalbanken, with about 95% of all counties...

that grants loans to municipalities and counties.